More than 30% of eligible children in the Western Isles may miss out on the return from their first year’s Child Trust Fund (CTF) investment.

Statistical returns show that CTF accounts were opened with only 652 of the 935 vouchers issued in the Western Isles in 2006*. The remaining 283 have not so far been invested by parents on behalf of the eligible children, representing a total of between £70750 and £141500 missing out on the first year’s potential growth.

The Child Trust Fund (CTF) is a long-term savings and investment scheme designed to make sure every 18 year old has a financial asset at the start of their adult life. It is also intended to help children (and their parents) grow to understand the benefits of saving, enabling them to make sound financial choices in the future.

Comhairle nan Eilean Siar is organising drop-in/information sessions throughout the islands to provide information about CTF for parents.

Childcare groups are the key to making this information readily available to parents who may need a little help, support and guidance to encourage them to get into good savings habits and to promote growth, further saving and asset-building on behalf of each child by parents, other family and friends.

Any groups which would like to be involved in an information event during September, should contact Sandra Macrae, Sandra Macrae, Financial Awareness Officer at Comhairle nan Eilean Siar on 07920 088028 or via sandra@cne-siar.gov.uk.